Core Viewpoint - The construction industry is expected to experience a shift in investment dynamics due to policy stimuli and emerging themes, with private enterprises showing significant returns compared to state-owned and central enterprises [1][2]. Group 1: Market Performance - As of November 30, 2025, the SW Construction Decoration Index increased by 8.88%, while the CSI 300 Index rose by 18.19%, indicating that the overall performance of the construction sector lagged behind the broader market [2]. - Private enterprises achieved a return of 35.6%, while local state-owned enterprises had a return of 14.96%, closely aligning with the CSI 300 Index. In contrast, central state-owned enterprises faced a significant decline with a return of -4.51% [2]. Group 2: Future Investment Outlook - The first year of the 14th Five-Year Plan is anticipated to open an investment uptrend, as historical patterns suggest that the initial years of a five-year plan typically see heightened investment intensity [2]. - Major planning and project packages are expected to be implemented in 2026, potentially leading to a new cycle characterized by "high initial growth followed by stabilization" [2]. Group 3: Value Investment Themes - Three main value investment themes are identified: 1. Key projects such as the Pinglu/Zhejiang-Jiangxi-Guangdong Canal (total investment approximately 621.1 billion), the Tibet Railway (expected total investment over 700 billion), and the Yaxi Hydropower Project (total investment around 1.2 trillion) are projected to generate long-term orders [3]. 2. High dividend yields are emphasized as regulatory measures strengthen dividend constraints, enhancing the investment appeal of low-valuation, high-dividend construction firms [3]. 3. Growth transformation opportunities in new sectors like clean rooms, AI computing infrastructure, and low-altitude economy are expected to surge, with cash-rich private enterprises likely to pursue mergers and acquisitions for rapid entry [3]. Group 4: Stock Recommendations - Specific stocks to watch include Sichuan Road and Bridge (600039), Jianghe Group (601886), Honglu Steel Structure (002541), Jinggong Steel Structure (600496), and Pudong Construction (600284) [3].

行业评级：看好（维持） 证券研究报告|行业专题报告 建筑装饰 2025年12月31日 寻重大工程"足迹"，挖产业转型"宝藏" ——建筑行业2026年度策略报告 证券分析师 证券分析师 姓名：王彬鹏 资格编号：S1350524090001 姓名：戴铭余 资格编号：S1350524060003 邮箱：wangbinpeng@huayuanstock.com 邮箱：daimingyu@huayuanstock.com 证券分析师 姓名：郦悦轩 资格编号：S1350524080001 邮箱：liyuexuan@huayuanstock.com 联系人 姓名：唐志玮 邮箱：tangzhiwei@huayuanstock.com 联系人 姓名：林高凡 邮箱：lingaofan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 报告要点 4 2 ◼ 2025年建筑板块市场回顾：截至2025年11月30日，SW建筑装饰指数与沪深300指数涨跌幅分别为+8.88%、+18.19%，板块整体收益弱于沪深300， 但行业内部分化明显。民营企业凭借跨界转型收益率达35.6%，地方国企收益率为14.96%与 ...

证券日报网讯 12月30日，浦东建设发布公告称，浦东建设第九届董事会第十次会议审议通过《关于修 订浦东建设的议案》。 （文章来源：证券日报） ...

证券之星消息，12月30日基础建设板块较上一交易日下跌0.46%，ST岭南领跌。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603359 | 东床生态 | 9.97 | 10.04% | 60.28万 | 5.76亿 | | 603007 | *ST花王 | 5.85 | 5.03% | 36.82万 | 2.15亿 | | 603843 | *STIE平 | 5.48 | 4.98% | ● 2.82万 | 1546.34万 | | 002062 | 宏润建设 | 9.29 | 2.20% | 26.65万 | 2.47亿 | | 001267 | 汇绿生态 | 21.89 | 1.91% | 36.69万 | 8.06亿 | | 600039 | 四川路桥 | 9.98 | 1.84% | 18.89万 | 1.87亿 | | 600284 | 浦东建设 | 8 ...

上海浦东建设股份有限公司 内部审计制度（2025 版） (经 2025 年 12 月 29 日第九届董事会第十次会议审议通过后生效) 第一章 总则 第一条 为规范上海浦东建设股份有限公司（以下简称"本公司"或"公司"） 内部审计工作，明确内部审计职责和权限，提升内部审计工作质量，充分发挥内 部审计监督作用，根据《中华人民共和国审计法》《中华人民共和国审计法实施 条例》《审计署关于内部审计工作的规定》《中国内部审计准则》及《上海浦东建 设股份有限公司章程》(以下简称"《公司章程》")等相关规定，并结合公司实 际情况，制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构和内部审计人员对公 司及所属单位财务收支、经济活动、内部控制、风险管理及内部管理的领导人员 履行经济责任情况等实施独立、客观的监督、评价和建议，以促进单位完善治理、 实现目标的活动。 第三条 本制度适用于公司内部审计机构和内部审计人员及其从事的内部审 计活动。其他组织或者人员接受委托、聘用，承办或者参与内部审计业务，也应 当遵守本制度。 第四条 公司应加强内部审计文化建设和宣导，推行独立、客观、公正、廉 洁的内部审计文化。 第二章 内部审 ...

证券代码：600284 证券简称：浦东建设 公告编号：临 2025-048 上海浦东建设股份有限公司 第九届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海浦东建设股份有限公司(以下简称公司)第九届董事会第十次会议于 2025 年 12 月 19 日-12 月 29 日以通讯方式召开。会议应参与审议表决的董事 9 名，实际参与审议表决的董事 9 名。会议的召开符合《中华人民共和国公司法》 和《公司章程》的有关规定。 同意根据最新法律法规及规范性文件，并结合公司实际情况对公司《内部审 计制度》进行修订。 新修订的《浦东建设内部审计制度》具体内容披露于上海证券交易所网站。 表决结果：9 票同意；0 票反对；0 票弃权。 特此公告。 上海浦东建设股份有限公司 董事会 二〇二五年十二月三十一日 1 与会董事审议并以书面表决方式通过了如下议案： 1.《关于修订浦东建设<内部审计制度>的议案》； ...

证券之星消息，12月23日基础建设板块较上一交易日下跌0.2%，东珠生态领跌。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600284 | 浦东建设 | 8.52 | 5.97% | 50.36万 | | 4.23亿 | | 603778 | 圖晟科技 | 13.87 | 5.64% | 92.13万 | | 12.50亿 | | 002586 | ST間海 | 4.31 | 5.12% | 13.48万 | | 5781.88万 | | 600039 | 四川路桥 | 9.84 | 0.92% | - 20.83万 | | 2.05亿 | | 002941 | 新疆交建 | 16.41 | 0.74% | 18.33万 | | 3.01亿 | | 601800 | 中国交建 | 8.32 | 0.48% | 14.92万 | | 1.24亿 | ...

资料显示，上海浦东建设股份有限公司位于上海市浦东新区邹平路188弄7号11-12楼，成立日期1998年1 月9日，上市日期2004年3月16日，公司主营业务涉及建筑工程施工、园区开发、基础设施项目投资、沥 青砼及相关产品生产销售、环保业务。主营业务收入构成为：施工工程项目96.17%，设计勘察咨询业 务1.85%，建筑材料生产与销售1.00%，园区综合开发0.51%，其他(补充)0.47%。 中证上海国企ETF（510810）基金经理为吴振翔。 截至发稿，吴振翔累计任职时间15年325天，现任基金资产总规模197.81亿元，任职期间最佳基金回报 197.58%， 任职期间最差基金回报-31.53%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月23日，浦东建设涨5.22%，截至发稿，报8.46元/股，成交1.97亿元，换手率2.46%，总市值82.08亿 元。 责任编辑：小浪快报 从浦东建设十大流通股东角度 数据显示，汇添富基金旗下1只基金位居浦东建设十大流通股 ...

Capital Operations - Shen Cheng Jiao plans to raise no more than 1.8 billion yuan through a private placement for the research and large-scale application of low-altitude and autonomous driving intelligent transportation equipment and related projects [2] - Ding Gu Ji Chuang's invested company Hang Ju Technology has developed the WS series flexible reusable thermal protection materials, which have been applied to the Blue Arrow Aerospace Zhuque-3 rocket body [2] - Zhen You Technology has ongoing ground core network development projects in both high-orbit and low-orbit satellite communication fields [2] Investment and Operations - Zhongjin Company plans a stock swap merger with Dongxing Securities and Xinda Securities, with stock trading resuming on December 18 [1] - Beiqi Blue Valley aims to continue developing L3 models in the mid-to-high-end brand segment, with some L3 model products currently in the development stage [1] - Xingmin Zhitong's communication domain controller is currently being used in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] Contracts and Collaborations - Pudong Construction's subsidiary recently won contracts totaling 1.649 billion yuan [1] - China Duty Free Group's wholly-owned subsidiary signed a contract for the transfer of duty-free store project operating rights, planning to invest 102 million yuan to establish a joint venture with Shanghai Airport [1] - Shanghai Airport signed a contract with Dufry and China Duty Free Group for the transfer of duty-free store project operating rights, with Dayang Shanghai not renewing the contract [1] - China CRRC and its subsidiaries recently signed contracts totaling 53.31 billion yuan, with wind power and energy storage equipment sales contracts amounting to approximately 16.65 billion yuan [1] Performance - China Nuclear Construction reported a cumulative operating income of 92.03 billion yuan by November 2025 [4] Share Buybacks - Shibao Testing's executives plan to increase their holdings of company shares by 8 million to 12 million yuan [4]

Group 1 - Company X plans to invest in the research and production of optical modules, focusing on ultra-low power consumption chips for high-end applications such as AI computing centers [1] - CICC is planning to absorb and merge with Dongxing Securities and Xinda Securities through a share swap, with stock trading resuming on December 18, 2025 [2] - Bona Film Group reports normal operations and has invested in multiple films for the upcoming holiday seasons, including major productions [3] Group 2 - Tongrentang clarifies it does not hold any equity or investment rights in Sichuan Health Pharmaceutical, which is associated with a product mentioned in recent reports [4] - Meike Home is planning to acquire control of Shenzhen Wandeling Technology through a combination of cash and stock issuance, with trading suspended for up to 10 days [5] - Lanhua Ketech has obtained a coal exploration license for a specific area, laying the groundwork for future mining rights [6] Group 3 - China Duty Free Group's subsidiary has signed contracts for duty-free store operations at major Shanghai airports [7] - Baida Group's stock has seen a significant increase of 61.1% in a short period, raising concerns about potential rapid declines [8] - Changyuan Power's subsidiary has successfully connected a new power generation unit to the grid, marking its commercial operation [9] Group 4 - Guangdong Construction has launched two clean energy projects, contributing to a total installed capacity of 5084.52 MW across various energy sources [10] - Shanghai Airport has signed contracts for duty-free store operations, which are expected to positively impact future revenues [11] - Aokeli's subsidiary has entered trial production for a special high-temperature resistant resin project, aligning with its strategic goals in aerospace [12] Group 5 - China Nuclear Engineering has reported cumulative revenue of 92.03 billion yuan as of November 2025 [13] - Zhaobiao Co. plans to reduce its stake by up to 3% through various trading methods [14] - Shengtai Group's major shareholder intends to reduce its stake by up to 3% [15] Group 6 - Xinyi Co. plans to reduce its stake by up to 1% due to personal asset allocation needs [16] - Nanjing Bank intends to fully redeem 49 million preferred shares on December 23, 2025 [17] - Huakai Yibai plans to repurchase shares worth between 15 million and 30 million yuan for employee incentives [18] Group 7 - China Metallurgical Group plans to repurchase A-shares worth between 1 billion and 2 billion yuan [19] - A director of Gao Neng Environment has increased his stake by purchasing 56,100 shares [20] - Jiayuan Technology's shareholders plan to transfer 3.24 million shares, representing 2.51% of the total share capital [21] Group 8 - Pubang Co. has been awarded a construction project for Xiangmi Lake Park with a bid of 333 million yuan [22] - China CRRC has signed contracts totaling approximately 53.31 billion yuan, representing 21.6% of its projected revenue for 2024 [23][24] - Pudong Construction's subsidiaries have won multiple projects totaling 1.649 billion yuan [25] Group 9 - Pingzhi Information's subsidiary has signed a 38.25 million yuan computing service contract with a telecommunications company [26]